Economics: should I choose it?

What will I learn?

How will I be assessed?

Progression and companion subjects

No complete companion or exclusion review is attached to this profile. Check the official course-entry conditions, language eligibility and your school’s sequence before enrolling. Links between resource hubs show related learning; they do not establish a compulsory prerequisite.

Will I find it hard?

Difficulty depends on your experience, interests, teaching and assessment. These are our reflection prompts, not an official difficulty rating.

• Try explaining a case, source or argument with evidence. Does this type of writing interest you?
• Look at the amount of terminology, examples and source material in the sample rather than assuming the subject is easy.

Does it scale up or down?

Economics, 2025. Table 6 of QTAC’s 2025 report publishes separate raw and scaled subject medians for General subjects with at least 50 students. Historical cohort data cannot predict your result or a future scaling direction.

Scaling is not a measure of difficulty or a guaranteed bonus. Prioritise content you can engage with and required subjects for courses you are considering.

Try a little of the subject

The basic economic problem

Economics begins with one uncomfortable fact: people want more than can ever be produced. Human wants are effectively unlimited, but the economic resources available to satisfy them (the land, workers, machines and ideas that go into production) are limited. This gap between unlimited wants and limited resources is called relative scarcity , and it is the basic economic problem . The word relative matters. A resource is scarce not because there is little of it in absolute terms but because there is less of it than people would like at a zero price. Sand is plentiful on a beach, yet the construction-grade sand used for concrete is scarce relative to the demand from builders. Because resources are scarce, every decision-maker is forced to make a choice . Choice happens at every level of the economy: Individuals choose between spending and saving, or between working extra hours and resting. Businesses choose which products to make, how many workers to hire and whether to buy new equipment. Local governments (councils) choose between a new skate park and resurfacing roads. State governments allocate a fixed budget between hospitals, schools, police and public transport. National governments decide how much to spend on defence, aged care or infrastructure, and how to raise the taxes to fund it. International bodies such as the United Nations or the World Bank decide which countries receive aid and which projects are funded. Whenever a choice is made, something is given up. The opportunity cost of a decision is the value of the next best alternative forgone . It is not the total of everything you could have done, only the single best option you passed up. Opportunity cost is the true cost of any action, and it can be measured in money, time, goods or satisfaction. A key idea

Original practice question: Which statement uses the term 'productivity' accurately?

This is ATARMAxxing’s original sample learning material. It is not an official assessment task or a prediction of your school’s workload.

Explore the resources

Open the Economics subject hub and free preview (opens in a new tab)

• Economics — QCE Units 3 & 4 (opens in a new tab)

Core subject information and planning are free. Full study resources are optional.